Binance Executive Gambaryan Denies Money Laundering Charges, Faces Remand in Prison

Tigran Gambaryan, a senior executive at Binance, has formally entered a plea of not guilty in response to the money laundering allegations levied against him by Nigerian authorities. 

These charges come amidst a broader regulatory crackdown targeting the cryptocurrency exchange within Nigeria.

The Economic and Financial Crimes Commission (EFCC), Nigeria’s anti-corruption watchdog, has accused both Binance and Gambaryan of engaging in money laundering activities, along with allegations of foreign exchange manipulation. 

Additionally, the Federal Internal Revenue Service (FIRS) has filed four counts of tax evasion against the crypto exchange.

During a recent court appearance before Justice Emeka Nwite of the Abuja Division of the Federal High Court, Gambaryan denied all four counts of money laundering brought against him. 

Despite his plea, Justice Nwite dismissed Gambaryan’s request to be served without the charges pertaining to his colleague, Nadeem Anjarwalla, Binance’s regional manager for Africa, who absconded from Nigeria on March 22.

Pending the determination of his bail application scheduled for April 18, Gambaryan will remain remanded in the Kuje Correctional Centre. The court has adjourned the case to May 5 for the commencement of the trial proceedings.

The genesis of Gambaryan’s legal entanglement traces back to February when both he and Anjarwalla were detained upon arrival in Nigeria. 

Their visit aimed to address the Nigerian government’s decision to block access to Binance’s website due to suspicions of manipulating foreign exchange rates in unregulated markets. 

The Nigerian government’s concerns are part of a broader effort to curb speculation in forex trading, following heightened volatility in the value of the national currency, the naira.

In response to Gambaryan’s detention, Binance issued a statement urging Nigerian authorities to release him, asserting that he lacks decision-making authority within the company. 

Binance also highlighted ongoing discussions between the company and the Nigerian government. 

Notably, both Gambaryan and Anjarwalla have lodged a case alleging human rights violations in the Federal High Court, seeking their release, the return of their passports, and a public apology.